F inancial D igest
Real Estate Journal — October 12 - 25, 2018 — 5A
www.marejournal.com
M id A tlantic
Provides bridge, construction and other value-add loans within 100 miles of NYC Procida Funding’s 100 Mile Fund tops $500 million in loan originations
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of the Fund’s most recent investments that displays the asset class diversity of the 100 Mile Fund is the recent historic rehab/construction loan on the 1904 Philadelphia Metropolitan Opera House (which Bob Dylan will be the opening performer in Decem- ber 2018). The 100 Mile Fund has also lent on numerous office buildings, multifamily projects, and condo projects. “Since 2017, we’ve stayed away from luxury, large-scale projects, becoming defensive by financing “recession proof real estate” such as gas sta- tions, fuel truck repair facili- ties, factories … the uglier the better,” said Procida. The 100 Mile Fund has had an average dividend of over 12% annualized since incep- tion. The fund is an open- ended investment vehicle for accredited investors in $200,000 investment units.
meet every client, see every property, and continue to visit every property after we close at least once a month to make sure our investments are safe, until we are paid off.” Procida further states, “After seeing what happened in previous cycles, we believe in being extremely hands on. We have a policy which requires all our senior executives to visit the property and meet the bor- rower along with their team prior to giving approval to close. Then, once we are closed, our asset management team is on site with the borrower and their representative(s) a mini- mum of one time a month.” Unlike most funds, which target one or two asset classes, the 100 Mile Fund is “as- set class agnostic.” The 100 Mile Fund’s investments have ranged from chemical plants to gas stations to hotels to restaurants to colleges. One
NGLEWOODCLIFFS, NJ — Procida Fund- ing’s 100 Mile Fund
t o p s $ 5 0 0 mi l l i o n i n loan origina- tions with a recent $38 million loan c l o s e d o n a college in R o c k l a n d County. The
William Procida
100 Mile Fund was established by Procida Funding in October of 2011. The Fund provides bridge, construction and other value-add loans throughout the New York, New Jersey, Pennsylvania and Connecti- cut markets within 100 miles of New York City. The Fund originated 87 loans totaling $532 million; $362 million of which have been repaid. William “Billy” Procida , president & CEO of Procida Funding, refers to this fund as YARDLEY, PA — Cush- man & Wakefield’s Equity Debt & Structured Finance (EDSF) group has arranged $63 million in purchase financ- ing for the acquisition of Lower Makefield Corporate Center in Southern Bucks County. Affili- ates of Rubenstein Partners acquired the eight-building, 467,000 s/f Yardley office com- plex this month, with Rialto Capital Management pro- viding separate mortgages for the property’s two distinct campuses on Stony Hill and Township Line Roads. EDSF team members John Alascio, Alexander Her- nandez, Sridhar Vankayala and TJ Sullivan headed the assignment on behalf of Ru- benstein Partners, which pur- chased the asset from Ameri- can International Group . Lower Makefield Corporate Center offers a distinctive com- bination of high-quality office product at an attractive basis, strong sponsorship, and posi- tive leasing momentum – in a
100 Mile Fund invests in historic rehab/construction loan on the 1904 Philadelphia Metropolitan Opera House.
“the little engine that could.” He states, “I’ve got friends who have done 10 to 20 times more dollar volume than us. Due to the complexity of what we do, and the way we do it, it is just
not feasible to do $1 billion a year. We have a small SWAT team that does about $100 mil- lion per year. Unfortunately, I have a major flaw and I still feel the need to personally
Alascio, Vankayala and Sullivan arranges $44.875M in financing of Pennsylvania light industrial portfolio Cushman & Wakefield arranges purchase financing for Southern Bucks County, PA office asset totaling $63million
2010 Cabot Boulevard
and Trevose, Bucks County, PA. The Arden Group ac- quired the 607,890-square-foot portfolio from High Street Realty Company, LLC. Cushman & Wakefield’s Pennsylvania Capital Markets team consisting of Robert Yoshimura, Joseph B. Hill, Jr., Eric Mattson, Gerry Blinebury, Jonas Skovdal and Joseph R. Hill bro- kered the sale of the portfolio to The Arden Group. Alas- cio, Vankayala and Sullivan arranged financing for the buyer for acquisition, capital improvements and lease-up of
the portfolio. The portfolio is comprised of the following buildings: 180 Wheeler Court, 835 Wheeler Way, 2000 Cabot Blvd., 2005 Cabot Blvd., 2010Cabot Blvd., 2200 Cabot Blvd., 2260-2270 Cabot Blvd., and 3000 Cabot Blvd. in Langhorne, as well as 2512 and 2540 Metropolitan Dr. and 4667 Somerton Rd. in Trevose. The properties are currently 80% occupied by a variety of national, regional and local tenants, offering a diversified rent roll and the ability to add value via ad- ditional leasing.
Lower Makefield Corporate Center
market defined by consistently appreciating fundamentals. “These factors generated signif- icant interest from the financ- ing market,” said John Alascio, executive managing director of the EDSF team. “Rubenstein Partners has a reputation in the industry of creating signifi- cant value and upside within corporate campus environ- ments,” he noted. “As such, we were able to take advantage of
the increasingly competitive debt capital markets to secure an attractive financing pack- age for Lower Makefield in one of the region’s most attractive suburban markets.” In a separate transaction, Cushman & Wakefield’s in- vestment sales and financ- ing specialists orchestrated the $44.875 million sale of a 12-building light industrial portfolio located in Langhorne
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